Major Short Swing Trade Level Approaching On Freeport-McMoRan Inc (NYSE:FCX)

December 20, 2017

In the last two trading weeks, Freeport-McMoRan Inc (NYSE:FCX) has spiked almost 25%. This recent spike higher has been on hopes of economic growth in 2018 due to corporate tax cuts. However, the underlying commodities like gold and copper are not confirming this move. While I would not short Freeport-McMoRan Inc yet, there is a quickly approaching major level. The level is around $18.75 and is found by connecting the highs from late 2015, late 2016 and early 2017. When connected, this trend line gives you a dead swing trade short level of $18.75. Shares of Freeport-McMoRan Inc are only a little over a Dollar away. Every past hit of this trend line has caused a massive drop in the stock. Ready to lock and load a short here, heads up.

 

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Winnebago Industries Inc (NYSE:WGO) Heads South After Earnings

December 20, 2017

This morning, leading recreational vehicle (RV) manufacturer Winnebago Industries Inc (NYSE:WGO) is coming under selling pressure after reporting earnings. The RV giant traded as high as $58.65 at the open before rolling over. Currently, WGO stock is trading lower by $4.20 to $53.20 a share. The daily chart pattern is now signaling a high volume reversal day (bearish engulfing bar) and this should lead to further downside in the coming trading sessions. Traders should now watch for important daily chart support around the $49.00 level. This level is where the stock broke out of a weekly chart base in mid-November.

 


Today’s Stock Trading Action: MU, FDX, RHT, UPS & More

December 20, 2017

Twitter Inc (NYSE:TWTR) Hits Double Top, Likely To Pull Back

December 19, 2017

Shares of Twitter Inc (NYSE:TWTR) slammed into the pivot high from October 2016 at $25.50. At that time, the stock was a potential buyout play. While Twitter Inc is unlikely to be bought out now, it does appear they are figuring out how to monetize the social platform. While long-term bullish, investors and traders can look to buy puts on Twitter Inc or short it flat out at this level. I expect a pull back off this $25.50 resistance back to $22.00, maybe even as low as $20.00.

 


The Herbalife Ltd (NYSE:HLF) Chart Indicates Downside

December 19, 2017

Herbalife Ltd (NYSE:HLF) is a leading global nutrition company. Recently, the stock has tried to recapture its 50-day moving average but has failed on multiple attempts over the past month. When a stock trades below a key moving average it will generally be viewed as a negative in the chart. Today, HLF stock is trading around the $68.00 level which is just above the important 200-day moving average at $67.45. A failure to hold this key area will indicate further weakness in the equity and a potential decline down into the $61.00 level. The $61.00 area is where there should be solid institutional support. This level is where the stock was supported in August 2017. Often, prior support levels will be defended when retested.

 


Crypto Stocks Dominate The Morning Movers List

December 19, 2017

Biotech Bullish Chart Setup With Explosive Upside

December 18, 2017